Apparently the social networking giant is becoming a little envious of Instagram, as new rumors are emerging that Facebook is releasing an iOS app to challenge the photo sharing novice.

According to TechCrunch, Facebook is secretly building an iOS app that borrows the best from Instagram, Color and Path (the latter which never really took off).

While it’s puzzling why Facebook would create a separate app for photos (which might confuse users), jumping in the photo sharing space is a smart move for Facebook as it would help them thwart the rise of new rivals like Twitter, as well as kill off current contenders like Flickr.

It’s still unclear whether Facebook will simply focus on photo sharing with filters (like Instagram), or integrate videos as well, although either way Facebook’s potential entrance into the market is probably sending shivers down everyone’s spine save Twitter.

For those of you addicted to photo sharing services like Instagram, Flickr or (for the few) Path, what are your thoughts regarding Facebook’s rumored app?

Would you consider dumping your current photo sharing service for Facebook, or would you continue to use alternatives instead of the social networking king?

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